PNC Financial Services Group Inc. Boosts Stake in Workday, Inc. (NASDAQ:WDAY)

PNC Financial Services Group Inc. raised its position in Workday, Inc. (NASDAQ:WDAY) by 18.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,782 shares of the software maker’s stock after purchasing an additional 13,431 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Workday were worth $21,876,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Roxbury Financial LLC purchased a new position in Workday in the fourth quarter valued at approximately $25,000. Capital Performance Advisors LLP purchased a new position in shares of Workday in the 3rd quarter valued at $26,000. Crews Bank & Trust acquired a new position in shares of Workday during the 4th quarter valued at $26,000. Avion Wealth boosted its position in Workday by 452.6% during the 4th quarter. Avion Wealth now owns 105 shares of the software maker’s stock worth $27,000 after purchasing an additional 86 shares during the period. Finally, Meeder Asset Management Inc. increased its holdings in Workday by 42.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after purchasing an additional 43 shares in the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on WDAY. Morgan Stanley cut Workday from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $330.00 to $275.00 in a research note on Wednesday, February 19th. Stifel Nicolaus upped their price target on Workday from $270.00 to $310.00 and gave the stock a “hold” rating in a report on Wednesday, February 26th. JMP Securities reiterated a “market outperform” rating and set a $315.00 price objective on shares of Workday in a research note on Thursday, February 6th. Redburn Atlantic started coverage on shares of Workday in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Finally, BMO Capital Markets lifted their price target on shares of Workday from $300.00 to $314.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th. Ten equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Workday currently has an average rating of “Moderate Buy” and an average target price of $302.14.

Insider Buying and Selling

In other Workday news, CEO Carl M. Eschenbach sold 6,250 shares of Workday stock in a transaction on Monday, January 6th. The stock was sold at an average price of $253.86, for a total transaction of $1,586,625.00. Following the sale, the chief executive officer now owns 13,972 shares of the company’s stock, valued at $3,546,931.92. The trade was a 30.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder David A. Duffield sold 70,090 shares of the business’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $254.53, for a total value of $17,840,007.70. Following the transaction, the insider now owns 102,997 shares of the company’s stock, valued at $26,215,826.41. This trade represents a 40.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 435,829 shares of company stock valued at $113,033,319 in the last quarter. Company insiders own 20.00% of the company’s stock.

Workday Stock Down 3.7 %

NASDAQ:WDAY opened at $243.00 on Tuesday. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The stock has a 50 day moving average of $258.01 and a 200-day moving average of $256.02. The firm has a market capitalization of $64.64 billion, a PE ratio of 40.30, a price-to-earnings-growth ratio of 3.55 and a beta of 1.38. Workday, Inc. has a 52 week low of $199.81 and a 52 week high of $294.00.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.18 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. Analysts predict that Workday, Inc. will post 2.63 EPS for the current year.

Workday Profile

Workday, Inc provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments to manage their business and operations. The company offers a suite of financial management applications to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; enhance financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations.